Net Income Per Share

3 Months Ended

Jun. 30, 2021

The following table summarizes the computations of basic and diluted net income per share for the three months ended June 30, 2021 and June 30, 2020 (in thousands, except per share amounts):


	Three Months Ended June 30,
	2021		2020
Net income	$	186,841	$	72,073

Shares used in net income per share computation:
Weighted average shares outstanding - basic	168,372		167,612
Effect of potentially dilutive equivalent shares	3,648		2,515
Weighted average shares outstanding - diluted	172,020		170,127

Net income per share:
Basic	$	1.11	$	0.43
Diluted	$	1.09	$	0.42

Share equivalents attributable to outstanding stock options, restricted stock units ("RSUs") and employee share purchase plans ("ESPP") totaling 0.5 million and 1.4 million for the three months ended June 30, 2021 and 2020, respectively, were excluded from the calculation of diluted net income per share because the combined exercise price and average unamortized grant date fair value upon exercise of these options and ESPP rights or vesting of RSUs were greater than the average market price of the Company's shares during the periods presented herein, and therefore their inclusion would have been anti-dilutive. A small number of performance-based awards were not included in the calculation because all necessary conditions had not been satisfied by the end of the respective period, and those shares were not issuable if the end of the reporting period were the end of the performance contingency period.